Crude Oil Became Record Expensive After 2019
Crude oil became record expensive after 2019, India increased pressure on OPEC countries to keep prices low.
With the retail prices of petrol, diesel reaching a record high in the country, India has put pressure on the Organization of the Oil Exporting Countries ‘OPEC’ to reduce the price of crude oil.
At present, the price of oil has gone above $ 75 per barrel. These prices are the highest since April 2019.
India has asked OPEC to keep the price within a “rational range” and the producing countries should now phase out the cuts in oil production. India is the third-largest oil importing country in the world.
Petrol and diesel retail prices in the country have reached a record high due to the rise in crude oil prices.
Petrol has crossed Rs 100 a liter in nine states and union territories, while in Rajasthan and Odisha, diesel is being sold above Rs 100 a liter.
India’s Minister of Petroleum and Natural Gas Dharmendra Pradhan, in a virtual meeting with OPEC Secretary-General Mohammad Sanusi Barkindo, conveyed the concern about crude oil prices.
It is noteworthy that OPEC countries like Saudi Arabia have traditionally been the largest sources of crude oil and India continues to import oil from them.
But for some time now, OPEC and its allies, which have been called OPEC Plus, have been ignoring India’s demand to increase oil production, for which it has to find new sources for its crude oil imports.
The share of oil imports from OPEC countries in India’s total oil imports declined to 60 percent in May from 74 percent in the previous month.
The statement issued by OPEC after the virtual meeting said, “Keeping in mind that India is a major consumer and importer of oil.
The need for cheap and regular supply of fuel for economic and social progress.” underscored the importance.
